Sealed Air swings to profit, raises 2013 outlook

TessStynes

Sealed Air Corp.
SEE, -0.68%
swung to a third-quarter profit as stronger demand buoyed the plastic-packaging maker's revenue, while the year-earlier period included a big write-down related to the sale of its Japanese arm.

Shares were up 7.5% at $30.67 in early trading as adjusted earnings and revenue beat expectations and the company raised its 2013 per-share earnings view. The stock has soared 75% this year.

For the year, Sealed Air now expects per-share earnings of $1.25 to $1.30 on revenue of roughly $7.7 billion, compared with its previous view for per-share earnings of $1.10 to $1.20 on revenue of $7.7 billion to $7.9 billion.

The company, whose brands include Bubble Wrap, has continued to report revenue growth in recent quarters, though charges associated with acquisitions have dragged on its bottom line.

Sealed Air reported a profit of $37.7 million, or 18 cents a share, compared with a year-earlier loss of $1.23 billion, or $6.38 a share. The year-earlier period included a $1.3 billion write-down related to the sale of Diversey Japan in November 2012. Excluding restructuring-related charges and other items, adjusted earnings from continuing operations were up at 39 cents from 28 cents a year earlier.

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